Nationwide profits double

Headline pre-tax profits at Nationwide Building Society rose 68 per cent to £790 million, the lender announced today.

Mortgage lending slipped to £29.6 billion, down from £30.9 billion last year.

The mutual said that its net interest margin, a key measure of underlying lender profitability, rose to 1.21 per cent, from 1.13 per cent the previous year.

Joe Garner, chief executive, said: “Although the success of the UK’s vaccination programme gives grounds for optimism, there is continued uncertainty around how quickly life and the economy can return to normal.”